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2019 (3) TMI 390 - AT - Income TaxLevy of penalty u/s 271(1)(c) - enhancement of net profit rate - concealment of income or furnishing inaccurate particulars of income - HELD THAT:- Even if there is discrepancies noted in the books of account and other records produced by assessee, but, it is not a case of concealment of income or furnishing inaccurate particulars of income by the assessee. Since the assessee has shown higher income by showing better net profit rate in assessment year under appeal as compared to preceding assessment years, therefore, there was no occasion for the assessee to conceal income or file inaccurate particulars of income. The assessee produced complete details and records before AO for his verification. Therefore, it is a case of estimated income, in which, assessee agreed for higher net profit rate because of the discrepancies noted by the A.O. in the record produced by assessee. It is well settled Law that provisions of Section 271(1)(c) are not attracted to the cases where the income of assessee is assessed on estimate basis and additions are made therein on that basis. See HARIGOPAL SINGH VERSUS COMMISSIONER OF INCOME-TAX. [2002 (8) TMI 65 - PUNJAB AND HARYANA HIGH COURT] - Decided in favour of assessee.
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